Remember January?
Go back to January. The equity markets were in a terrible slump. The Dow rang in the New Year on the lowest down note in its history. By late January, the Russell 2000, a broad measure of US equity markets, was down some 23 percent from its peak.

Around the world, it was more of the same but worse. Some $6 trillion of global share value was wiped from the face of the world’s equity markets. The Shanghai Composite Index fell over 20 percent from a high in late December, and Japan’s Nikkei Index was trapped in bear-market territory.